Galaxy Research releases 2025 forecast report covering Bitcoin and Ethereum prices, DOGE, stablecoins, DeFi, L2s, policies, VC, and more.

The U.S. Internal Revenue Service (IRS) has finalized rules requiring DeFi brokers to report gross proceeds from digital asset sales and provide customers with 1099 forms that collect user transaction information, including name and address. The Treasury Department noted that the final rule applies to "front-end service providers" that interact "directly with customers," meaning the entity that runs the main website used to access decentralized protocols, not the protocol itself. According to the document, the rule is expected to take effect on or after January 1, 2027. The idea of strengthening tax enforcement for digital asset service providers first appeared in the Infrastructure Investment and Jobs Act passed in 2021 to help pay for spending authorized by the bill.

According to a statement from the Montenegrin Ministry of Justice, Minister of Justice Bojan Božović has signed a decision to extradite Terraform Labs founder Do Kwon to the United States. At the same time, South Korea’s extradition request was rejected.

OpenAI announced that its board of directors is evaluating the corporate structure and transforming the existing for-profit division into a Delaware public benefit corporation (PBC) to balance the needs of shareholders, stakeholders, and the public interest while providing stronger resource support for the non-profit division.

In the future, more and more large projects will embrace Kaito, screen contributors based on their respective lists and conduct airdrops.

The National Bank of Cambodia (NBC) announced that it would allow commercial banks and payment institutions to provide services related to stablecoins and asset-backed cryptocurrencies, but unbacked assets such as Bitcoin are still prohibited. The new regulations require institutions to obtain approval before they can carry out crypto asset exchange, transfer and custody services, and prohibit the use of customer assets.

Murad Mahmudov, as a witness and analyst of this trend, proposed the concept of "Meme Coin Super Cycle". In his view, Meme Coin is not just a pure speculative tool, but the most powerful user popularization engine in the crypto world. He deeply analyzed the key factors for the success of Meme Coin and elaborated on how to promote the growth of these projects through social media and community power.

The Bitget team released a new version of the BGB white paper and announced the introduction of a repurchase and destruction mechanism. For the first time, 800 million BGB held by the core team will be destroyed, and the total supply of BGB will be reduced to 1.2 billion, and 100% will be fully circulated. Subsequently, Bitget will repurchase and destroy BGB with 20% of its profits every quarter.

Hong Kong has been igniting the spark of Web 3.0 since 2022, and it is now burning more and more vigorously. Looking at the development of Web 3.0 in Hong Kong in 2024, while building a more stable and convenient market environment, it is also leveraging its advantages as a financial center.

The "Measures for the Administration of Bank Foreign Exchange Risk Transaction Reports (Trial)" has been issued and will be implemented from today. The "Measures" is a supporting document for the "Measures for the Administration of Bank Foreign Exchange Business (Trial)", which aims to strengthen the foreign exchange risk management of banks and conduct early identification, early warning and early disposal of high-risk transactions such as suspected false trade, underground banks, and illegal cross-border financial activities involving virtual currencies.

According to Binance’s announcement, BNSOL Super Staking will launch the third phase of the project MANTRA (OM) from 8:00 on January 1, 2025 to 7:59 on February 1, 2025 (Beijing time). OM APR Boost airdrop rewards will be available at around 13:30 (Eastern Time Zone 8) every day starting from January 2, 2025.